Subject to regulatory approval, the transaction is expected to close in the second quarter of 2017. Financial details of the agreement were not disclosed. Founded in 1988, Fengfan manufactures joining products made of stainless steel, nylon and special materials. Its portfolio includes cable ties, fastening elements, and specially-coated, fire-resistant textiles.

The company uses cutting, coating, casting and injection molding processes in production. ¡°With the acquisition of Fengfan, we are expanding our product portfolio and our position in the Chinese market,¡± says Werner Deggim, CEO of NORMA Group. ¡°We are working towards our long-term goal of achieving further geographic, product and sector specific diversification for our business.¡±

Fengfan¡¯s founder and CEO, Zhu Jialin, adds: ¡°We look forward to cooperating with NORMA Group. We are confident that the joint venture will enable both companies to realise their strategic objectives.

By working together, we will get access to NORMA Group¡¯s global distribution network and be able to market our products globally.¡±

With around 190 employees, Fengfan supplies customers in the shipbuilding and other heavy industries, as well as manufacturers of transport vehicles. Its products are marketed on the domestic Chinese market and exported to other countries. Fengfan¡¯s preliminary annual sales amounted to about €15 million in 2016. The company has a production and sales site in Shaoxing City in Zhejiang province.

NORMA receives Volvo Quality Excellence Award NORMA Group has also been honoured by Volvo Car Corporation as an outstanding supplier for the first time.